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Whales have recently been Ethereum-based altcoin has shown increasing interest in . On-chain crypto intelligence trackers recorded significant purchasing activity in ENS, UNI, AAVE, LDO and LINK tokens. This increase comes after the SEC approved the Ethereum ETF, which analysts interpreted as a positive signal for the altcoin market. With this increase in altcoin interest, the question arises: Could this challenge Bitcoin’s dominance and signal the beginning of an altcoin season? Let’s take a look at the altcoin market to see what’s going on. According to Lookonchain data, new whale wallets are actively collecting large amounts of altcoins from the centralized exchange Binance. Here’s a breakdown of their purchases:
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Chainlink (LINK): 65,541 tokens worth $1.13 million. -
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Lido (LDO): 2,389,987 tokens worth $5.54 million. -
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AAVE: 39,762 tokens worth $3.97 million. -
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Uniswap (UNI): 214,465 tokens worth $1.97 million. -
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Ethereum Name Service (ENS): 82,040 tokens worth $1.98 million.
These purchases reflect growing confidence among large investors, likely encouraged by the positive outlook following the Ethereum ETF approval.
Ethereum ETF Impact
Following the ETF approval, transaction volumes in the Ethereum ecosystem increased by 16% in just 24 hours, indicating increased investor interest and activity. While some Ethereum tokens have seen price increases, the market has yet to experience the explosive growth typical of a full-blown altcoin season. Crypto analyst Dan Gamberdello sees the SEC approval as bullish for altcoins, marking Ethereum as a legitimate “commodity.” Another analyst known as CryptoYoddha believes that altcoins are poised for significant gains in the coming weeks, predicting that Ethereum’s strength and Bitcoin’s declining dominance will support altcoin performance.
Vitalik Buterin Receives Starknet Grant
On the other hand, Ethereum co-founder Vitalik Buterin received 845,205 STRK tokens worth approximately $1.07 million from Starknet’s Locked Token Grant contract. This grant highlights Buterin’s early support and ongoing participation in Starknet, an Ethereum Layer 2 network aimed at improving scalability and efficiency. Distributing tokens to key figures like Buterin aims to encourage further innovation and adoption of Starknet within the Ethereum ecosystem. Looking ahead, the altcoin market promises significant opportunities. Analysts predict that the five altcoins in question will outperform others and offer significant returns for investors ready to seize the moment.
